Destiny Media Reports Q3 Results
Revenue up 43%; Income and EBITDA double; Global expansion continues
VANCOUVER, British Columbia, July 15 /PRNewswire-FirstCall/ -- Destiny Media Technologies (OTC Bulletin Board: DSNY) is pleased to announce results for the quarter and period ending May 31, 2010. EBITDA grew for the quarter to approximately $260,000 (129% higher than prior year) on total revenue of $952,000 (43% higher than prior year). Over the nine month period ending May 31, 2010, EBITDA grew to approximately $788,000 on revenue of $2,870,000 (70% higher than prior year).
Play MPE® revenue continues to grow in all geographic segments. The company continues to build on the foundation for a global distribution network with a number of significant developments. Revenue, which has grown by an average of 20% quarter over quarter (>100% growth on an annual basis) for the past four years, is expected to continue to grow as a result.
Three Months |
Three Months |
Nine Months |
Nine Months |
||
Ended |
Ended |
Ended |
Ended |
||
May 31, |
May 31, |
May 31, |
May 31, |
||
2010 |
2009 |
2010 |
2009 |
||
$ |
$ |
$ |
$ |
||
Revenue |
952,383 |
665,829 |
2,869,775 |
1,687,878 |
|
Operating expenses |
|||||
General and administrative |
255,487 |
181,749 |
768,013 |
540,654 |
|
Sales and marketing |
184,801 |
193,044 |
578,289 |
634,256 |
|
Research and development |
283,757 |
206,559 |
879,668 |
652,823 |
|
Amortization |
14,669 |
10,675 |
38,789 |
27,407 |
|
738,714 |
592,027 |
2,264,759 |
1,855,140 |
||
Income (loss) from operations |
213,669 |
73,802 |
605,016 |
(167,262) |
|
Other income (expenses) |
|||||
Other income |
30,156 |
12,755 |
88,466 |
72,877 |
|
Interest income |
641 |
1,858 |
2,706 |
2,964 |
|
Interest and other expense |
(537) |
(942) |
(2,410) |
(2,531) |
|
Gain on settlement of debt |
— |
15,008 |
— |
15,008 |
|
Net income (loss) |
243,929 |
102,481 |
693,778 |
(78,944) |
|
Net income (loss) per common share, |
|||||
basic and diluted |
0.00 |
0.00 |
0.01 |
(0.00) |
|
About Destiny Media Technologies
Destiny Media (http://www.dsny.com) is the developer of the Play MPE® system (http://www.plaympe.com) which the recording industry uses to securely distribute new pre-release music through the internet to trusted recipients such as radio, media and VIPs. Real time usage statistics are available at http://www.plaympe.com/v4/company/plaympestats.php
Company Contact: |
|
Fred Vandenberg |
|
CFO |
|
Destiny Media Technologies, Inc. |
|
604 609 7736 x236 |
|
Safe Harbor Statement:
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE Destiny Media Technologies
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